Weekend News with MarkZ. 02/03/2024

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Oil Minister: OPEC Plus keeps production levels unchanged, 3 FEB

 Oil Minister: OPEC Plus keeps production levels unchanged

Hayan Abdul Ghani, the deputy prime minister for energy affairs and minister of oil, declared on Thursday that the OPEC Plus alliance’s ministerial meeting participants had opted to maintain current production levels.

“The Ministerial Committee reviewed member states’ oil production data and reports for the months of November and December 2023, which witnessed the great commitment of the coalition countries to production adjustments and quotas,” stated Abdul Ghani in a statement obtained by.

“The 52nd ministerial meeting to monitor production in the OPEC Plus alliance, which was held today, Thursday, February 1, 2024, decided to keep production levels without modification,” stated Ammar Al-Anbuki, director general of the Iraqi Oil Marketing Company. He further stated that “this measure This comes to achieve greater stability and balance between supply and demand in global markets.”

“The ministerial committee will continue to monitor developments in the oil market during the coming months, and the extent of compatibility and impact of adjustments to production levels on oil markets, in addition to evaluating market conditions, challenges, variables, and their effects on supply and demand,” stated Assem Jihad, spokesman for the Oil Ministry.

Jihad continued, “The members of the ministerial committee decided to hold the next meeting on the third of next April.”

The Ministerial Committee for Production Monitoring is notable for having a number of coalition members, including Iraq. Its purpose is to monitor member states’ production as well as developments in global markets, challenges, and influencing factors. The committee then submits recommendations to the “OPEC Plus” ministerial meeting so that it can address these issues and work toward achieving stability. global marketplaces.

"RV UPDATE" BY PIMPY, 3 FEB

 Pimpy 

  Even with Kuwait 90% of their budget is on the sale of oil.  Where Iraq gets hurt and Kuwait doesn’t, if the oil prices dropped.  That’s what happened at the end of 2019 and 2020.  Their [Iraq’s]…economy was going to crash.  They had to devalue the currency and it saved them.  With Kuwait, that’s not going to happen.  Their Wealth Fund is something they can fall back on…Iraq cannot do that… Iraq is going to get there no doubt about it…We want it to go up in increments and keep the same currency we have…

Auctions...are not about dumping the dollar.   Currency auctions are held for a reason...They take the US dollar and sell them to banks and exchange for foreign currency.  That's how they're able to build up their foreign currency reserves to...$115 billion.  Not only that but it helps stabilize the Iraqi dinar exchange rate against other foreign currencies...This isn't about proof they're dumping the dollar...This is not about de-dollarization.

Iraqi Dinar News;Banking Invest, Maritime Trade, Stock Exchange, Drone A...

Iraq’s sovereignty , 3 FEB

 Al-Sadiqoun responds to Saudi Arabia and Kuwait regarding Khor Abdullah and the Durra field

The Sadiqoun parliamentary caucus demanded today, Thursday, that Kuwait and Saudi Arabia uphold Iraq’s sovereignty and that the government act to protect Iraq’s maritime sovereignty.

Representative Hassan Salem, the leader of the group, stated in a blog post on the (X) platform that Saudi Arabia and Kuwait had to recognize Iraq’s sovereignty. Iraqi Fakhr Abdullah and the Durra Field are pleading with the government to act toward the two nations.

“The Khor Abdullah agreement was declared invalid by the Federal Court, stating that silence would compromise the nation’s maritime sovereignty,” he continued.
The Iraqi Ministry of Foreign Affairs must “deposit a copy of the Federal Court’s decision invalidating this agreement to the UN Security Council,” he once again demanded of it.

Saudi Arabia and Kuwait issued a joint statement urging Iraq to abide by the accord that governs marine navigation in Khor. Abdullah asserted in the 2012 agreement between Kuwait and Iraq that the Durra field is situated inside Kuwait’s maritime borders.

The Iraqi parliament approved in 2013 to adopt an agreement governing sea navigation in “Khor Abdullah,” however the Federal Supreme Court declared that the measure was invalid.

The vote was deemed unlawful by the Federal Court, which based its decision to invalidate the agreement on the fact that it did not get the two-thirds majority of House of Representatives members required by Article 61 of the Constitution.

The port of Khor Abdullah, which is situated between both islands in the extreme north of the Arabian Gulf, was split between Kuwait and Iraq according to the terms of the agreement. The port of Umm Qasr is situated in the Basra Governorate in southern Iraq. Khor Al-Zubair is formed by the Iraqi Al-Faw Peninsula, the Kuwaiti Warba and Bubiyan, and the Iraqi Warba.

"RV UPDATE" BY SANDY INGRAM, 3 FEB

 Sandy Ingram

   Kuwait, is a country that successfully revalued its currency in the early 90s.  Following the Gulf War Kuwait's economy was in ruins, yet within a short span the Kuwaiti dinar was reinstated as one of the most valuable currencies in the world...Unlike Iraq, Kuwait had a relatively stable political environment and a resilient economy backed by vast oil reserves.  

The international community had faith in Kuwait's ability to rebuild and stabilize which facilitated the revaluation process...A stable political environment, a strong economy, a positive balance of trade and the trust of the international markets are all critical ingredients for successful revaluation.  It's not a magic wand...

 Reuters  Article: "Iraq's Kataib Hezbollah says it suspends attacks on US forces"  "Iran-aligned Iraqi armed group Kataib Hezbollah announced on Tuesday the suspension of all its military operations against U.S. troops in the region, in a decision aimed at preventing 'embarrassment' of the Iraqi government, the group said."